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Report: Rosgosstrakh eyes 30B ruble contribution from largest shareholder

PAO Rosgosstrakh is set to receive a 30 billion Russian ruble contribution from its biggest shareholder, RGS Holding, to help the insurer cover losses from its motor third-party liability insurance business, news agency TASS reported June 6.

The transaction reportedly gained the preliminary approval of the insurer's board of directors and is now waiting to be approved by shareholders at their upcoming annual meeting. The contribution will not increase Rosgosstrakh's authorized capital and will not change the par value of its shares, according to TASS.

The insurer, which is involved in merger talks with Otkritie Holding JSC, reported a 33.3 billion ruble net loss for 2016 under international financial reporting standards, up 6.6 times higher than in 2015, TASS noted.

As of June 6, US$1 was equivalent to 56.66 Russian rubles.